Eleco Shareholder Support Drops to 46.9% After Stock Sales
Investment manager Charles Stanley has reduced its shareholding in Eleco plc (LSE:ELCO), lowering the portion of voting rights covered by its non-binding letter of intent in favor of a takeover by Avocet Bidco Limited. After selling 8,670 committed shares on Oct. 9, 2026, the firm's voting agreement now covers 5,097,496 shares, or approximately 6.0% of Eleco's ordinary share capital.
The reduction brings total shareholder commitments in support of the acquisition—including both irrevocable undertakings and non-binding letters of intent—to 39,571,609 shares. That represents roughly 46.9% of the software company's issued share capital as the recommended cash acquisition proceeds via a court-sanctioned scheme of arrangement.
Investors will look ahead to shareholder meetings and court sanction hearings required to approve the transaction. Avocet Bidco Limited, a newly created entity indirectly owned by funds managed or advised by Accel-KKR, announced the acquisition proposal in September 2026, with the official scheme document distributed to shareholders in early October.
Key points
- Charles Stanley decreased its committed voting stake in Eleco plc to approximately 6.0%, down to 5,097,496 shares.
- Total shareholder support for the acquisition via commitments and letters of intent now stands at roughly 46.9%.
- The proposed cash buyout of Eleco plc is being conducted by Avocet Bidco Limited, an entity backed by Accel-KKR.
- The deal is structured as a court-sanctioned scheme of arrangement following the publication of the scheme document on Oct. 2, 2026.
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How we writeDisclaimerQuestions and answers
How many Eleco shares are committed to supporting the Accel-KKR takeover?
Shareholders holding 39,571,609 shares, or about 46.9% of Eleco plc's issued share capital, have provided irrevocable undertakings or letters of intent to vote in favor of the deal.
Why did the letter of intent support for Eleco plc decrease?
Charles Stanley sold shares covered by its non-binding letter of intent, reducing its committed share count from 6,343,418 shares to 5,097,496 shares.